From Premium Times, here are the highest earning CEOs in Nigeria, at least for publicly traded or reported companies. Relatively, the numbers are not big when benchmarked with what men pocket in America. But by per capita, they are excessive as Nigeria is a small economy.
As listed by the report, Nigeria’s top ten executive remunerations in 2019 were: Ferdinand Moolman, MTN, ?585.94 million; Adewale Tinubu, Oando, ?568 million; Ojenekwu Avuru, Seplat Petroleum Development Company, ?440 million; Segun Agbaje, GTBank, ?399.7 million; and Yaw Nsarkoh, Unilever, ?302.52 million.
Other are: Michel Purchercos, Lafarge, ?282.38 million; Jordi Borrut Bel, Nigerian Breweries Plc, ?271 million; Mauricio Alarcon, Nestle, ?218.08 million; Lars Richter, Julius Berger, ?217.07 million; Baker Magunda, Guinness, ?193 million; and Emeka Emuwa, Union Bank, ?172 million.
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In the banking sector, the trio of Segun Agbaje of GTBank with ?399.7 million, Emeka Emuwa of Union Bank with ?172 million, and Yinka Sanni of Stanbic IBTC with ?155 million were paid the highest remuneration in 2019.
In comparison with previous years though, the executives paycheck for the year did not closely match the profit generated in 2019, save GTBank which recorded the second-highest profit before tax of ?243 million and paid its director the highest remuneration in the sector.
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Not much, the highest is still under two million dollars, of course it’s a poor country. If MTN Nigeria cannot boast of a billion dollars as quarterly revenue, that tells you everything about the state of the economy; no form of embellishments or manoeuvring can distort that fact.
That of Oando, I find it a bit curious, could it be that it generates more profit than GTbank? For the CEO to be number two, it must be doing something great. I expect Oando and Seplat to be downgraded in this year’s report, 2020 is not great for oil economy.
The CEOs of some innovative start-ups can easily march past these numbers, only if we can allow them to thrive. These supposed behemoths still don’t command enough value, yet we still see them as best things to ever happen to us.
A certain Tim Cook took home a hundred and twenty-five million dollars in 2019, and we are here hallucinating…
Lol. When I started reading, I expect it was per month, but since it’s annually, then the hallucinations is high.